New Delhi: Adani Group on Monday said global energy major TOTAL has acquired a 20 per cent equity stake in Adani Green Energy Ltd.
The purchase of 20 per cent minority interest by TOTAL was done "via the acquisition of shares held by the Adani Promoter Group in Adani Green Energy Limited (AGEL)," a statement by Adani Group said.
The investment in AGEL is another step in the strategic alliance between Adani Group and TOTAL, across various businesses and companies of the Adani Group, covering investments in LNG terminals, gas utility business, and renewable assets across India.
"We have a shared vision of developing renewable power at affordable prices to enable a sustainable energy transformation in India. We look forward to working together towards delivering India's vision for 450 GW renewable energy by 2030," Adani Group Chairman Gautam Adani said.
TOTAL SE CEO, Patrick Pouyanné said :"Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties, which began with our first joint venture 2.3GW of renewable capacity.
He further noted that "given the size of the market, India is the right place to put into action/to deploy our energy transition strategy based on two pillars: renewables and natural gas."
In 2018, TOTAL and Adani embarked on the energy partnership with investment by TOTAL in Adani Gas Ltd, city gas distribution business, associated LNG terminal business and gas marketing business.
TOTAL had acquired 37.4 per cent stake in Adani Gas Limited and 50 per cent stake in Dhamra LNG project.
AGEL, started in 2015 with the world's largest single location solar power project located in Kamuthi, Tamil Nadu (648 MW). As on date, AGEL has over 14.6 GW of contracted renewable capacity, with an operating capacity of 3 GW and another 3 GW under construction and 8.6 GW under development.
The company aims to achieve 25 GW of renewable power generation by 2025, and is committed to contribute meaningfully to India's COP21 goals and to the wider UNFCC goals of sustainability.
TOTAL and Adani agreed the acquisition of a 50 per cent stake in a 2.35 GWac portfolio of operating solar assets owned by the AGEL and a 20 per cent stake in the AGEL for a global investment of USD 2.5 billion.
India has set a policy target of setting up 450 GW of renewable power capacity by 2030.
The Adani Promoter Group was represented by Clifford Chance and Cyril Amarchand Mangaldas. TOTAL was represented by Latham & Watkins and AZB Partners.
(PTI)
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